一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 29 日 (二)股东大会召开的地点：公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,234 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,007,087,414 | | 3、出席会议的股东所持有表决权股份数占公司有表决 | | | 权股份总数的比例（%） | 82.5505 | 证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-015 山西杏花村汾酒厂股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 表决情况： 二、 议案审议情况 (一) 非累积投票议案 1、 议案名称：2024 年度董事会工作报告 审议结果：通过 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，会议由公司董事长 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-016 山西杏花村汾酒厂股份有限公司 第八届董事会第七十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 一、董事会会议召开情况 山西杏花村汾酒厂股份有限公司（以下简称"公司"）于 2025 年 5 月 26 日以书面方式向全体董事发出关于召开第八届董事会第七十三次会议的 通知。会议于 2025 年 5 月 29 日在公司会议室以现场方式召开，会议由袁 清茂董事长主持，应到董事九名，实到董事九名。公司监事会成员、高级 管理人员列席了本次会议，会议的召开、表决程序符合《公司法》和公司 《章程》的有关规定。 二、董事会会议审议情况 1.会议选举武跃飞先生为公司第八届董事会副董事长，任期与本届董 事会一致。 同意票 9 票，反对票 0 票，弃权票 0 票。 2.会议对公司第八届董事会下设各专门委员会人员组成进行部分调 整，确定各委员会人员组成如下： 2025 年 5 月 30 日 （1）战略委员会 主任委员：袁清茂 1 委 员： 武跃飞 李振寰 刘 ...

Core Points - Shanxi Fenjiu announced the election of Wu Yuefei as the vice chairman of the eighth board of directors, with a term consistent with the current board [1] Summary by Category Company Governance - The eighth board of directors of Shanxi Fenjiu held its 73rd meeting on May 29, 2025, where Wu Yuefei was elected as the vice chairman [1]

保险 队 中国人保 中国太保 中国平安 ■《》 3586.57亿市值 3334.41亿市值 9746.12亿市值 18.68亿成交额 5.80亿成交额 11.73亿成交额 53.52 8.11 34.66 +0.46(+1.35%) +0.23(+0.43%) -0.10(-1.22%) 酸酒行业 贵州茅台 五粮液 山西汾酒 19345.45亿市值 2290.85亿市值 4942.06亿市值 10.48亿成交额 20.36亿成交额 33.75亿成交额 1540.00 187.78 127.32 -0.22(-0.12%) +0.40(+0.32%) +3.00(+0.20%) 半导体 北方华创 寒武纪-U 2271.53亿市值 2558.59亿市值 15.27亿成交额 26.75亿成交额 425.24 612.90 +7.90(+1.89%) +2.91(+0.48%) 汽车整车 铁路公路 比亚迪 长城汽车 京沪高铁 2897.28亿市值 10974.98亿市值 1959.28亿市值 69.43亿成交额 3.62亿成交额 3.67亿成交额 5.90 22.89 361.13 -1.75(-0.48%) -0. ...

2025年中国白酒行业报告 ——高端量价双增，次高端进入调整周期 核心观点 1、受外部环境影响，2024 年白酒经销商备货意愿降低，渠道压力传导至报表端 2、2016至2024年，中国白酒行业经历深度调整，产量从1,358.4万千升持续下降至414.5万千升，累计降幅达69.5%，十年内产量"腰斩" 3、尽管产量萎缩，但是中国白酒行业销售收入从5,617.8亿元逆势增⻓至7,963.8亿元，印证"少喝酒、喝好酒"的消费升级趋势 4、在消费分级背景下，白酒市场呈现差异化发展态势：超高端品牌维持量价双增，次高端阵营进入调整周期，区域名酒展现渠道韧性 5、2024年中国白酒渠道变革呈现"传统渠道数字化深耕+新兴场景多元渗透"的双轨并行趋势 6、若剔除茅台，上市酒企营收、归⺟净利增速连续 3 个季度增速同比下滑，其中板块利润增速下滑幅度大于营收。2024年白酒板块营收、 归⺟净利增速分别为 7.3%、7.4% 7、从2024年白酒上市企业数据来看，高端酒企业呈现显著的"高毛利、低营销投入"特征。贵州茅台、五粮液、泸州老窖以86.9%的平均毛利 率领跑行业，但销售费用率仅8.9% 8、 ⼭⻄汾酒以360.11亿元营收超 ...

Investment Ratings - The report assigns an "Outperform" rating to multiple companies including Moutai, Wuliangye, and Eastroc Beverage, while some companies like Gujing Gongjiu receive a "Neutral" rating [2]. Core Insights - The report highlights a significant decline in the wholesale prices of various baijiu products, with Moutai's price falling to around 2000 yuan, while infant formula discounts have decreased slightly [5][7]. - The overall discount rates for soft drinks, condiments, beer, liquid milk, and convenience foods have increased, indicating a shift in consumer purchasing behavior [18][20]. Summary by Category Baijiu Pricing - Moutai's wholesale prices are reported at 2140 yuan for cases and 2070 yuan for single bottles, showing a month-on-month change of 0 and -40 yuan respectively [33]. - Wuliangye's price is at 945 yuan, with a slight decrease of 5 yuan from the previous month [33]. - Luzhou Laojiao remains stable at 865 yuan, unchanged from last month [33]. Discount Trends - Infant formula discounts have slightly decreased, with average discount rates rising from 91.3% to 92.2% [17]. - Discounts for soft drinks have increased, with average rates dropping from 94.1% to 88.7% [18]. - Beer discounts have also increased, with average rates falling from 81.1% to 78.7% [18]. - Liquid milk discounts decreased from 71.9% to 69.7% [18]. - Convenience foods saw a decrease in discount rates from 96.1% to 94.2% [18].

Investment Ratings - The report assigns an "Outperform" rating to multiple companies including Moutai, Wuliangye, and Eastroc Beverage, while some companies like Gujing Gongjiu receive a "Neutral" rating [2]. Core Insights - The report highlights a significant decline in wholesale prices for various baijiu products, with Moutai's price falling to around 2000 yuan, while discounts on infant formula products have decreased slightly [5][17]. - The overall discount rates for soft drinks, condiments, beer, liquid milk, and convenience foods have increased, indicating a shift in consumer purchasing behavior [18][20]. Summary by Category Baijiu Pricing - Moutai's wholesale prices are reported as 2140 yuan for cases and 2070 yuan for single bottles, showing a month-on-month change of 0 and -40 yuan respectively [33]. - Wuliangye's price is at 945 yuan, with a slight decrease of 5 yuan from the previous month [33]. - Luzhou Laojiao remains stable at 865 yuan, unchanged from last month [33]. Discount Trends - Infant formula discounts have slightly decreased, with average discount rates rising from 91.3% to 92.2% [17]. - Discounts for soft drinks have increased, with average rates dropping from 94.1% to 88.7% [18]. - Beer discounts have also increased, with average rates falling from 81.1% to 78.7% [18]. - Liquid milk discounts decreased from 71.9% to 69.7% [18]. - Convenience foods saw a decrease in discount rates from 96.1% to 94.2% [18].

金十图示：2025年05月28日（周三）富时中国A50指数成分股今日收盘行情一览：石油、煤炭板块全天飘红，银行、汽车板块午 后继续涨跌互现 @ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM 电力行业 互联网服务 长江电力 88 中国核电 1982.76亿市值 东方财富 a 2018-02-1 7470.15亿市值 3239.83亿市值 16.37亿成交额 5.55亿成交额 27.20亿成交额 30.53 9.64 20.50 +0.27(+0.89%) -0.01(-0.10%) -0.19(-0.92%) 食品饮料 证券 中信证券 国泰海通 海天味业 (D 3037.60亿市值 3767.38亿市值 2523.96亿市值 9.03亿成交额 3.13亿成交额 6.16亿成交额 25.42 17.23 45.39 -0.09(-0.35%) -0.10(-0.58%) +0.87(+1.95%) 消费电子 化学制药 工业富联 立讯精密 個瑞医药 3689.78亿市值 2202.50亿市值 3582.41亿市值 20.24亿成交额 6.16亿成交额 19.44亿成交额 18.58 30.39 ...

近期，茅台、五粮液、汾酒、洋河、泸州老窖、古井贡酒等头部上市酒企相继召开了2024年度业绩说明 会。 综合来看，TOP6上市酒企通过业绩说明会，不仅披露了企业自身的经营状况，更勾勒出行业变革图 谱。当头部酒企集体切换至低速发展模式，这一结构性变化将如何影响行业走势?而它们的一系列战略 调整，又将为中小酒企带来哪些发展启示? 毋庸讳言，在外部经济环境冲击、消费市场转型、行业存量调整等多重因素影响下，降速发展已成为整 个白酒行业不争的事实。而这，在TOP6上市酒企的财报中体现得较为明显。 数据显示，今年一季度，TOP6上市酒企业绩增速显著放缓。其中，茅台、古井贡酒营收、净利润虽维 持两位数增长，但同比增速明显回落;五粮液、汾酒、泸州老窖三家酒企营收与净利润增速均降至个位 数区间;洋河业绩下滑最为严重，营收与净利润同比降幅双双超过30%。 而另一组数据也进一步凸显了当前形势的严峻性。根据日前国家统计局统计结果，2025年1-4月，全国 规模以上白酒企业累计白酒产量为130.8万千升，同比减少7.8%。若后续不能有效扭转生产颓势，行业 将迎来连续第八个年度产量下滑。 中国酒业协会日前发布的数据显示，今年一季度，全国规 ...

Core Viewpoint - The consumer sector is expected to improve due to increased domestic demand policies and declining upstream raw material prices, leading to a potential recovery in the food and beverage industry [2]. Group 1: Market Performance - As of May 28, 2025, the CSI Major Consumer Index (000932) rose by 0.52%, with significant gains in constituent stocks such as BaiRun Co. (002568) up 5.42% and Dongpeng Beverage (605499) up 3.59% [1]. - The Major Consumer ETF (159672) also increased by 0.52%, with the latest price at 0.78 yuan [1]. Group 2: Industry Insights - The white liquor industry is currently in a destocking phase, with a potential recovery in business demand expected in 2025 due to economic stimulus policies. This includes a rebound in wedding banquets and graduation celebrations, which may alleviate inventory pressure [2]. - In the mass food sector, demand recovery and cost reductions are anticipated, with the restaurant industry's revival likely to boost the demand for the food supply chain. Certain sub-sectors are experiencing declining raw material costs, benefiting profit margins and overall performance [2]. Group 3: ETF Performance and Valuation - The Major Consumer ETF has recorded a maximum monthly return of 24.35% since its inception, with an average return of 5.36% during rising months [3]. - As of May 27, 2025, the ETF's maximum drawdown this year was 5.57%, with a management fee of 0.50% and a custody fee of 0.10%, making it one of the lowest in its category [3]. - The latest price-to-earnings ratio (PE-TTM) for the CSI Major Consumer Index is 19.72, indicating it is at a historical low, below 95.63% of the past year [3]. Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the CSI Major Consumer Index accounted for 67.16% of the index, including Yili Co. (600887) and Kweichow Moutai (600519) [3].